Real Estate Rule Changes

What is different for sellers?

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New Rules

Buyers must enter into a Written Agreement before touring homes.

Buyer broker compensation can no longer be guaranteed to be paid by the listing broker through the MLS.

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New Practice

Sellers should consider price, terms, & concessions based on the current market.

Some sellers may offer concessions up front and others may choose to wait and negotiate at the offer phase.

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Expectations

Buyers have always paid the cost of compensation as part of the purchase. This remains true today with offsets from seller concessions. 

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What are seller concessions?

A Concession, sometimes referred to as a credit, is an amount that you, as the seller, agree to credit the buyer at the closing of the transaction. This credit can be used by the buyer to cover part of their closing costs or other expenses associated with purchasing the property.

Common concessions can include some or all of these:

1) A seller credit to cover some or all of a buyers closing costs such as loan costs, title fees, buyers broker agreement, etc.

2) A seller credit to cover repair items such as replacement of flooring, appliances, or roof, etc.

3) A seller credit to cover the cost of a service such as a home warranty.

Expect Concession Requests. Whether you offer concessions upfront or not, Sellers should expect Buyers to request concessions in an offer. As always, focus on your Seller Net for each offer.

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